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Learning and Burning

Working a Pure Option

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Hello all,

I am working my first Pure Option deal and making sure i have my ducks in a row.

Seller wants 50k for the property he owns free and clear. He's owing 15k in taxes and so looking for a buyer to get something out of it before taxes take it. I think i could market for 55k as the comps are in the high 70's. I want it to move quick so pricing it to get attention.

So now the agreement i need is the Pure Option only? And the monies I give the seller $10 dollars to make it a deal i can market?

What all else do i need if anything to know to get this one to the bank?

 

Thanks Again

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That's correct. Fill in the Pure Option Agreement with the specifics and you're good to go. Except I wouldn't give the homeowner ten bucks. Shoot for $1, $5 if you're feeling generous.

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Happy, Happy,

Got my first Pure Option signed Today. I took M.C's advise and saved $9.00, giving up just one dollar.

Now so to know i filled in the lines correct all is obvious but to confirm i put the $1.00 paid in line # 4 of the Pure Option Agreement?

 

And to get it to the finish line i will market for $5,000 more then the Pure Option states. Now my buyer will give me the 5k and i will give him my Pure Option Agreement? In a perfect world of course i will net 5k. Now what else do i need to have between me and my buyer sign to release me from this and give to buyer? Learning and burning and loving it.

 

 

 

 

 

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Now so to know i filled in the lines correct all is obvious but to confirm i put the $1.00 paid in line # 4 of the Pure Option Agreement?

 

Correct. Paragraph 4 should reflect the amount of option consideration you paid the homeowner and the date.

 

And to get it to the finish line i will market for $5,000 more then the Pure Option states. Now my buyer will give me the 5k and i will give him my Pure Option Agreement?

 

When you find your buyer, he will receive a a copy of the Pure Option Agreement along with the Assignment Agreement.

 

The key to moving this is value. . .there must be value in what your are offering for someone else to come along and pay you for it. That, and effective and aggressive marketing.

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I got this pure option still working. The issue now is my agreement with the owner has expired as if the 25th of July. Of course my marketing is still getting my phone to ring. Now i got a serious contender and needing to know how this plays out with my expired date. Owner is still good with me finding a buyer and willing to play ball but am i still in the clear to find a buyer and of course get paid? Owner is out of town till this coming week to sign a new dated agreement which he says he will do.

 

Learning and burning.....

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You've been working with this homeowner for a while and it seems like you have a relationship. So you can probably continue to market in the interim until you meet up with him again to have the option agreement extended. Just be advised that technically if you were to find a buyer you don't have any agreement with the homeowner and he's under no obligation to do business with you.

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